Buzz Media, the social media network formerly known as Buzznet, has announced raising a $12.5 million round of funding. The fledgling media company has garnered recent attention with its growing portfolio of music and celebrity themed web properties including its flagship Buzznet, Stereogum, WWTD, and Idolator.
Despite a recent round of layoffs, today’s news shows no signs of the company slowing, as the funds are slated for the continued growth of its portfolio.
Otherwise, it’s business as usual at Buzz Media. After raising $6 million in 2007, and $25 million last March, last April saw the company acquiring music site Stereogum and buying gossip site Idolator from Gawker Media. And all of this from a company that manages 40 million monthly uniques across its properties while continually showing signs of steady growth.
According to the release, the company’s game plan for the foreseeable future is to continue drawing advertisers with its inexpensively maintained, highly targeted, and content rich properties. Its primary focus will remain on managing its music related content under the Buzznet banner, and its celebrity content under Celebuzz.
This means sticking to the four types of content that have historically propelled its sites: proprietary news (penned by Buzz Media’s editorial staff), independent content (Stereogum, WWTD, etc.), user generated content from its social networking platform, and ‘private’ celebrity blogs.
Buzz Media was founded in 2003 and has 79 employees. It has raised $43.5 million to date, with the most recent round marking the addition of Focus Ventures to its stable of investors including Anthem Ventures, New Enterprise Associates, Redpoint Ventures, Sutter Hill Ventures, and Universal Music Group. Rivals include Gawker Media, Pop Sugar, and Glam Media.
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